First Bank of Nigeria — review & details

In Bank accounts · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

Nigeria's oldest bank, on the NDIC commercial-bank register. Its standard current account opens with N5,000 for individuals, offers unlimited monthly withdrawals and cheque facilities, and carries the N1-per-mille account maintenance fee stated on First Bank's page.

First Bank of Nigeria

Nigeria's oldest bank, on the NDIC commercial-bank register. Its standard current account opens with N5,000 for individuals, offers unlimited monthly withdrawals and cheque facilities, and carries the N1-per-mille account maintenance fee stated on First Bank's page.
★★★★☆
4.0/5 · How we rate
N1 per mille account maintenance fee (per First Bank's page)
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Everyday banking with cheques, third-party transactions and a nationwide branch network
Best For
traditional
Type
Pros
  • Unlimited monthly withdrawals and nationwide cheque clearing, per First Bank's page
  • Zero minimum operating balance on the current account
  • Deep branch network and inter-branch transactions for account owners and third parties
Cons
  • N1-per-mille maintenance fee applies to turnover on the current account
  • Account opening is still form-and-branch led
  • Digital experience trails the neobanks already listed on this page
Fees, eligibility & documents
Fees
Account opening balanceN5,000 for individuals (per First Bank's page)
Account maintenanceN1 per mille (per First Bank's page)
Minimum operating balanceNone on the current account (per First Bank's page)
Eligibility
  • Individuals and corporate organisations
  • At least 18 years old with valid identification
Documents needed
  • Completed account opening form and specimen signature card
  • Valid ID (BVN, driver's licence, national ID card or international passport)
Visit First Bank
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How First Bank of Nigeria compares in bank accounts

First Bank of Nigeria scores 4.0/5 in our bank accounts rankings. Our current top pick is Opay (4.3/5). Always compare a few before you decide — see the full bank accounts comparison.

First Bank of Nigeria
4.0/5 · this page
 Opay
4.3/5
 Kuda
4.2/5
Monthly Fee N1 per mille account maintenance fee (per First Bank's page) None None
Licence CBN-licensed commercial bank (NDIC commercial-bank register) CBN national licence (Jan 2026) CBN microfinance bank
Deposit Safety NDIC-insured — cover up to N5m per depositor (2024 limit) NDIC-insured NDIC-insured (to ₦2m, MFB)
Best For Everyday banking with cheques, third-party transactions and a nationwide branch network Free transfers + agent cash-out App-first budgeting
Visit First Bank → Visit Opay → Visit Kuda →

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Details last checked: August 2026

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